Registered number
SC622478
Punjabi Junction Johnston Ltd
Filleted Accounts
31 March 2023
Punjabi Junction Johnston Ltd
Registered number: SC622478
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 30,020 30,020
Tangible assets 4 13,603 15,114
43,623 45,134
Current assets
Stocks 7,958 3,299
Debtors 5 3,920 5,920
Cash at bank and in hand 49,394 39,302
61,272 48,521
Creditors: amounts falling due within one year 6 (54,909) (33,045)
Net current assets 6,363 15,476
Total assets less current liabilities 49,986 60,610
Creditors: amounts falling due after more than one year 7 (36,801) (44,095)
Net assets 13,185 16,515
Capital and reserves
Called up share capital 100 100
Profit and loss account 13,085 16,415
Shareholders' funds 13,185 16,515
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Gurpal Singh
Director
Approved by the board on 11 March 2024
Punjabi Junction Johnston Ltd
Notes to the Accounts
for the period ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 30,020
At 31 March 2023 30,020
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 30,020
At 30 June 2022 30,020
4 Tangible fixed assets
Fixture and fittings
£
Cost
At 1 July 2022 20,732
At 31 March 2023 20,732
Depreciation
At 1 July 2022 5,618
Charge for the period 1,511
At 31 March 2023 7,129
Net book value
At 31 March 2023 13,603
At 30 June 2022 15,114
5 Debtors 2023 2022
£ £
Trade debtors - 2,000
Other debtors 3,920 3,920
3,920 5,920
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 1,495
Taxation and social security costs 52,103 28,492
Other creditors 2,806 3,058
54,909 33,045
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,183 40,468
Other creditors 3,618 3,627
36,801 44,095
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